There are “many negative indicators and warning signs,” they write in a report obtained by Business Insider. “Certainly extremes in leverage in the Western economies and questions regarding growth in China present investors with a worrying post-2012 future.”

Policymakers around the world have no choice but to pursue growth, they say. That, of course, entails more central bank easing.

For investors, this means “those who are imprudent can be rewarded, and dumb money can win,” Brebner and Fu write.

That’s because, “as has been witnessed over the past several years, those who risk and lose, often don’t in fact lose,” they say. “Loss-makers are compensated by a system that is unable to tolerate the consequences of failure. Moral hazard continues to be encouraged.”

That includes investors taking on too much leverage and risk, the analysts maintain. So, the best investment is now the “easiest” one rather than the “right” one, they say.

Marc Faber, publisher of the Gloom Boom & Doom Report, sees the situation as dire. The Federal Reserve’s massive easing program will lead to catastrophe, he tells Bloomberg.

“My asset values go up, but as a responsible citizen I have to say the monetary policies of the U.S. will destroy the world.”